Last Updated on March 20, 2020 2:06 pm
Crude oil prices in the US are at their highest levels since May 2008. At the end of the day on Friday prices stood at $109.77 a barrel, topping a nearly 6% increase this week.
For High Country motorist the price stands between $3.54 & $3.64 for regular gas in Boone, according to GasBuddy.com. The current national average is $3.64, current average in North Carolina is $3.71 as of Sunday.
National reports indicate that the surge in the price of oil is a result of the continuing confrontations between Western powers and the Islamic Republic of Iran.
AAA of the Carolinas continues to report that a gallon of regular gas could be $4.25 as early as April. Along the same line, the Oil Price Information Service predicts that gasoline could peak at $4.25 a gallon by the end of April, passing the record of $4.11 in July 2008.
A national report says that Americans spent 8.4 percent of their household income on gasoline in 2011.